Trends for real estate in Oxford MS
Building permits are not keep pace with the ever-expanding homebuyer demand for real estate in Oxford MS.
Real estate in Oxford MS has seen a boom in housing developments. Meanwhile, the national market was recovering from the housing crash. This trend is largely correlated to the rising Ole Miss enrollment as well as the second home ownership. More housing inventory is needed.
For these reasons, the boom in apartment construction over the past few years has not caused rent increases to level off. Likewise, many young homebuyers are looking for properties though the price tags are usually too high. Landlords are likely to see this as welcome news that a widespread shift toward owning isn’t coming anytime soon. A national study compiled by Freddie Mac indicates that the persistent shortage of single-family homes for sale is another cause for low homeownership.
Factors to determine if home-ownership is right for you
Deciding to buy a home must fit into your individual affordability and financial goals. Follow this link for a mathematical approach to assessing the need to buy vs. rent.
Other qualitative analysis might be:
- How long are you planning to live in the area or the home? The longer your stay, the more likelihood of a return on investment.
- What is the opportunity cost as it relates to your taxes and insurance and/or down payment? Is there a long-term investment to place this money that is less risky?
- Is it costly to rent in the area? If rent prices are high, it might be cheaper to buy a home.
Market data report
Here is the real estate market data for Oxford MS and the surrounding Lafayette County area over the last two periods.
So, is a good time to sell your property? Absolutely! See what your home is worth!